# 119-hr-440: READY Accounts Act

119-hr-440, READY Accounts Act, is a 119th Congress bill sponsored by Rep. Lee, Laurel M. [R-FL-15] (R-FL); status introduced; PRIA reads it as touching household money (as of 2026-09-21).

- Canonical: https://policyrisk.com/legislation/119-hr-440
- As of: 2026-09-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-440
- Congress: 119
- Title: READY Accounts Act
- Status: introduced
- Introduced: 2025-01-15
- Sponsor: Rep. Lee, Laurel M. [R-FL-15] (R-FL)
- Cosponsors: 10
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-09-21

## Summary

**Would create a new tax-deductible savings account** called READY accounts to help homeowners save for disaster mitigation and recovery. It would allow a per-taxpayer deduction for cash contributions, capped at $4,500 a year with automatic inflation adjustments after 2025. - Homeowners: READY funds could pay tax-free for qualified home disaster mitigation and recovery costs on a taxpayer's principal residence. Eligible mitigation measures include roof upgrades, impact-resistant windows and doors, elevating the home, ground anchors, attic/roof connections, and other measures certified by a qualified professional in consultation with the Federal Emergency Management Agency (FEMA). - Taxpayers and savers: Contributions are deductible up to $4,500 per taxpayer each year and earnings are tax-exempt when used for qualified expenses. Non-qualified distributions are included in income and face a 20% additional tax on the includible amount. - Account rules and administrators: READY accounts must be U.S. trusts run by a bank or a Secretary-approved trustee, cannot buy life insurance, must keep assets separate, and are nonforfeitable. The bill also sets rules for rollovers, excess contributions, divorce transfers, and treatment at death.

## Cosponsors (10)

- Rep. Moskowitz, Jared [D-FL-23] (D-FL), 2025-01-15T00:00:00.000Z
- Rep. Buchanan, Vern [R-FL-16] (R-FL), 2025-01-15T00:00:00.000Z
- Rep. Franklin, Scott [R-FL-18] (R-FL), 2025-01-15T00:00:00.000Z
- Rep. Bilirakis, Gus M. [R-FL-12] (R-FL), 2025-02-04T00:00:00.000Z
- Rep. McClain Delaney, April [D-MD-6] (D-MD), 2025-06-24T00:00:00.000Z
- Rep. Van Drew, Jefferson [R-NJ-2] (R-NJ), 2025-08-22T00:00:00.000Z
- Rep. Patronis, Jimmy [R-FL-1] (R-FL), 2025-11-20T00:00:00.000Z
- Rep. Rutherford, John H. [R-FL-5] (R-FL), 2026-02-09T00:00:00.000Z
- Rep. Neguse, Joe [D-CO-2] (D-CO), 2026-07-14T00:00:00.000Z
- Rep. Kean, Thomas H. [R-NJ-7] (R-NJ), 2026-07-30T00:00:00.000Z

## Provisions PRIA read

- New disaster savings accounts for homeowners: benefit, high. This bill would create special savings accounts for your main home. You could deduct up to $4,500 each year for cash you put in, for tax years starting after December 31, 2024. After 2025, the limit would rise with inflation and be rounded down to the nearest $50. Money must be used for certified d…
- Tax rules for disaster account withdrawals: mixed, medium. If enacted, money you spend only on qualified repairs or prevention would not be taxed. Other uses would be taxable and add a 20% extra tax on that amount. Accounts would be tax-exempt while they qualify, and could owe unrelated business income tax in limited cases. You could transfer an account to…
- 60-day rollovers and tax on excess: mixed, low. You would be able to roll a withdrawal into another disaster account within 60 days. You could use this rollover only once in a 12-month period. If you put in too much, you could fix it by your tax filing deadline by withdrawing the excess and its earnings; the earnings would be taxable. If excess…
- Reporting rules and no double-dip on losses: mixed, low. Trustees could be required to report contributions and withdrawals to the IRS and to you. The IRS would issue rules to run the program and prevent abuse. You would not also be able to claim a casualty loss for the same spending paid from the account. The bill would add technical cross-references so…

## Related bills

- 119-hr-2102: Major Richard Star Act
- 119-hr-1262: Mikaela Naylon Give Kids a Chance Act
- 119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage Act
- 119-hr-3946: FIGHT Act of 2025
- 119-hr-1422: Enhanced Iran Sanctions Act of 2025
- 119-hr-3514: Improving Seniors’ Timely Access to Care Act of 2025

## Sources
- [119-hr-440 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/440)

## Related
- [119-hr-2102: Major Richard Star Act](https://policyrisk.com/legislation/119-hr-2102)
- [119-hr-1262: Mikaela Naylon Give Kids a Chance Act](https://policyrisk.com/legislation/119-hr-1262)
- [119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage A…](https://policyrisk.com/legislation/119-hr-842)
- [119-hr-3946: FIGHT Act of 2025](https://policyrisk.com/legislation/119-hr-3946)
- [119-hr-1422: Enhanced Iran Sanctions Act of 2025](https://policyrisk.com/legislation/119-hr-1422)
- [119-hr-3514: Improving Seniors’ Timely Access to Care Act of 2025](https://policyrisk.com/legislation/119-hr-3514)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-440 (as of 2026-09-21).